In-Depth explanation on technicals for NZD/CAD
There is so much going on here with NZDCAD from a technical analysis perspective. I decided to make it really clear what is happening here.
On the left side we can see a long term bullish scenario on the 4h. We see an ascending triangle, which is a bullish pattern. The price has been hitting this resistance line multiple times now, and every time the response was slightly less intense. This means that the bulls are slowly winning from the bears here.
On the right side we can see a short term bearish scenario on the 15m. The price just hit an important resistance level, and there is a high probability that we will see a bounce here first.
Depending on how long you are willing to hold this pair you need to choose whether you: a) trade this as a scalp trade, go in now with a short and leave a few hours later or b) wait a bit longer until the price dropped enough for you to find a good opportunity for a long position and hold this pair over a few days.
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- Trading Guru
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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
On the left side we can see a long term bullish scenario on the 4h. We see an ascending triangle, which is a bullish pattern. The price has been hitting this resistance line multiple times now, and every time the response was slightly less intense. This means that the bulls are slowly winning from the bears here.
On the right side we can see a short term bearish scenario on the 15m. The price just hit an important resistance level, and there is a high probability that we will see a bounce here first.
Depending on how long you are willing to hold this pair you need to choose whether you: a) trade this as a scalp trade, go in now with a short and leave a few hours later or b) wait a bit longer until the price dropped enough for you to find a good opportunity for a long position and hold this pair over a few days.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
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(bắt đầu từ tháng 2 - 2023)
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We have seen some initial bounce, confirming the triangle, but invalidating the horizontal resistance.